---
title: "Topgolf Callaway Posts Revenue Beat"
description: "Topgolf Callaway Brands reported Q4 2024 earnings with adjusted EPS of -$0.33, beating expectations of -$0.40, and revenue of $924.4 million, surpassing the forecast of $884 million. However, a $1,452"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/229483637.md"
published_at: "2025-02-24T23:39:08.000Z"
---

# Topgolf Callaway Posts Revenue Beat

> Topgolf Callaway Brands reported Q4 2024 earnings with adjusted EPS of -$0.33, beating expectations of -$0.40, and revenue of $924.4 million, surpassing the forecast of $884 million. However, a $1,452 million impairment charge led to a GAAP net loss of $1,512.7 million. Despite challenges, the company saw a 3.0% revenue growth, driven by the golf equipment segment's 12.7% increase. Management anticipates difficulties in 2025 due to foreign exchange impacts and cost pressures, while aiming for total revenue of around $4.2 billion and improved venue profitability.

**Topgolf Callaway Brands** (MODG -4.42%), a leading company in the golf and active lifestyle industries, reported its Q4 2024 earnings on Feb. 24, 2025. The company's adjusted EPS exceeded expectations at -$0.33 compared to an anticipated -$0.40. Revenue of $924.4 million also surpassed the forecast of $884 million. Despite this outperformance, the quarter was marred by a substantial $1,452 million impairment charge in the Topgolf segment, influencing a GAAP net loss of $1,512.7 million. Nevertheless, overall revenue growth of 3.0% reflects resilience in key segments.

Metric

Q4 2024

Q4 Estimate

Q4 2023

Y/Y Change

EPS (Non-GAAP)

$(0.33)

$(0.404443)

$(0.31)

+6.5%

Revenue

$924.4M

$884M

$897.1M

+3.0%

Operating Cash Flow

$382.0M

N/A

$364.7M

+5.0%

Adjusted EBITDA

$101.4M

N/A

$69.8M

+45.3%

Source: Analyst estimates for the quarter provided by FactSet.

## About the Business

Topgolf Callaway Brands is known for its diversified portfolio within the golf and active lifestyle sectors, which includes products such as golf equipment, golf-based entertainment venues, and lifestyle apparel.

Recent focus has been on expanding new venues, notably in the Topgolf segment, which acts as a critical customer and revenue driver. Innovative technologies like Toptracer, a ball-tracking system, also play a pivotal role in enriching customer experiences and differentiating the brand in an increasingly competitive marketplace.

## Earnings Review

For Q4 2024, the Topgolf segment reported steady revenue at $439 million due to new venue openings despite an 8% decline in same venue sales. Golf Equipment showed impressive 12.7% revenue growth to $224.8 million, thanks to the success of its Ai-One Square 2 Square Odyssey putters. Meanwhile, the Active Lifestyle segment experienced growth of 0.7%, primarily due to TravisMathew's performance and restructuring outcomes at Jack Wolfskin that reduced costs and improved income by $3.4 million.

A significant challenge arose from the $1,452 million non-cash impairment charge on the Topgolf segment's goodwill and intangible assets, contributing to a substantial GAAP net loss. Nevertheless, the company's adjusted EBITDA surged 45.3% to $101.4 million, and operating cash flow improved by 5% compared to the prior year.

## Looking Ahead

Management anticipates challenges in 2025, including unfavorable foreign exchange impacts and cost pressures, expected to affect both revenue and Adjusted EBITDA negatively. A forward focus remains on improving same venue sales at Topgolf venues and operational adjustments to enhance efficiency and maximize profitability.

While the company projects total revenue at around $4.2 billion for the forthcoming year, the primary strategic drive revolves around bolstering venue-level profitability and enhancing customer engagement through strategic expansions and innovative technology integrations.

### Related Stocks

- [MODG.US - Topgolf Callaway Brands](https://longbridge.com/en/quote/MODG.US.md)
- [CALY.US - Callaway Golf Company](https://longbridge.com/en/quote/CALY.US.md)

## Related News & Research

| Title | Description | URL |
|-------|-------------|-----|
| CALLAWAY GOLF COMPANY ANNOUNCES FOURTH QUARTER AND FULL YEAR 2025 RESULTS \| CALY Stock News | Callaway Golf Company announced its fourth quarter and full year 2025 results, highlighting a return to a pure play golf | [Link](https://longbridge.com/en/news/275813835.md) |
| PEP TG Investments GP LLC Reports Disposal of Callaway Golf Company Common Shares | PEP TG Investments GP LLC has reported the disposal of its common shares in Callaway Golf Company, where it holds over 1 | [Link](https://longbridge.com/en/news/274058144.md) |
| Callaway Golf Introduces Quantum Drivers, Fairway Woods, Irons, and Hybrids \| CALY Stock News | Callaway Golf has launched its new Quantum family of golf equipment, including Drivers, Fairway Woods, Irons, and Hybrid | [Link](https://longbridge.com/en/news/272852566.md) |
| Topgolf Callaway Brands Rebrands as Callaway Golf Company | TopGolf Callaway Brands Corp. is rebranding itself as Callaway Golf Company and will change its NYSE ticker symbol from  | [Link](https://longbridge.com/en/news/271840887.md) |
| Topgolf Callaway Brands (NYSE:MODG) Board of Directors Declares Share Repurchase Plan | Topgolf Callaway Brands (NYSE:MODG) has announced a stock buyback program, with plans to repurchase $200 million in shar | [Link](https://longbridge.com/en/news/271595548.md) |

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.
